Point72 Asset Management · Steve Cohen
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $47.7B
- Holdings
- 1425
- Top-10 weight
- 16%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Roughly 1% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+19.2%
Market
+17.3%
Sector
+0.9%
Subsector
+0.7%
Stock-specific
+0.2%
Top holdings
1425 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | NVDA | 4.1% | $2.0B | 46% |
| 2 | AMZN | 2.9% | $1.4B | 52% |
| 3 | MSFT | 2.2% | $1.1B | 56% |
| 4 | SPOT | 1.4% | $689M | 80% |
| 5 | SE | 1.4% | $673M | 85% |
| 6 | TER | 1.1% | $548M | 56% |
| 7 | MU | 0.9% | $449M | 47% |
| 8 | MDB | 0.8% | $401M | 76% |
| 9 | PEP | 0.8% | $359M | 60% |
| 10 | TDG | 0.7% | $338M | 82% |
| 11 | AKAM | 0.7% | $335M | 95% |
| 12 | HD | 0.7% | $335M | 57% |
| 13 | ADSK | 0.7% | $323M | 59% |
| 14 | AMD | 0.7% | $320M | 54% |
| 15 | CSCO | 0.7% | $312M | 84% |
95% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Steve Cohen's.